Moody's upgrades SIG

Moody's Investors Service said it upgraded the corporate family rating of SIG Combibloc Group AG to Ba1 from Ba2 and the probability of default rating to Ba1-PD from Ba2-PD.

Concurrently, Moody's upgraded to Ba1 from Ba2 the senior unsecured ratings of its €550 million term loan borrowed at subsidiaries SIG Combibloc PurchaseCo Sarl and SIG Combibloc US Acquisition II Inc., and the €300 million senior unsecured revolving bank credit facility borrowed at SIG Combibloc PurchaseCo Sarl and SIG Euro Holding GmbH.

Further, Moody's upgraded to Ba1 from Ba2 backed senior unsecured ratings of SIG Combibloc PurchaseCo Sarl's €450 million notes due 2023 and €550 million notes due 2025.

The outlook remains stable.

“Today's rating action reflects SIG's solid market position as the number two player in the aseptic carton packaging market with long-term client relationships and stable contract base with high renewal rate, as well as the company's strong and consistent performance since the IPO, including through the pandemic, with a track record of growth, stable credit metrics and ample liquidity,” Moody’s said in a news release.

“Also positively, SIG has consistently generated positive free cash flow while investing in growth and maintaining a dividend.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.